CBI files chargesheets on fraudulent dealings between Anil Ambani-led firms and Yes Bank

The Central Bureau of Investigation (CBI) on Thursday, September 18, filed chargesheets in two cases linked to alleged fraudulent transactions between Anil Ambani-led ADA Group companies and Yes Bank, involving its former CEO Rana Kapoor and his family.

According to the CBI, the cases relate to investments made by Yes Bank in Reliance Commercial Finance Ltd (RCFL) and Reliance Home Finance Ltd (RHFL) despite weak credit assessments.

“Investigation has revealed that Yes Bank invested around ₹2,045 crore

in non-convertible debentures and commercial debts of RCFL and ₹2,965 crore in Non-Convertible Debentures and Commercial Papers of RHFL in the year 2017 on the approval of Rana Kapoor despite Care Ratings placing ADA Group Financial Companies ‘under watch’,” the release said.

The agency alleged that the funds were subsequently siphoned through multiple layers, “demonstrating a systematic diversion of public money.” The CBI chargesheet names Anil Ambani, then chairman of the ADA Group, alongside Rana Kapoor, his wife Bindu Kapoor, and daughters Radha Kapoor and Roshni Kapoor, accusing them of conspiring to divert funds and grant reciprocal benefits.

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“As quid pro quo, Anil Ambani, the then Chairman of ADA Group got credit facilities sanctioned from RCFL and RHFL at concessional rates to loss making family entities of Rana Kapoor,” the release stated.

The CBI pegged the wrongful loss to Yes Bank at ₹2,796.77 crore, with corresponding unlawful gains to ADA Group entities and companies owned by the Kapoor family.

The investigation also cited transactions by Reliance Nippon Mutual Fund, then a subsidiary of Reliance Capital Ltd, which allegedly invested ₹1,160 crore in debentures of Morgan Credits Pvt Ltd (a Kapoor family firm), purchased ₹249.8 crore of ADA group debentures from Yes Bank, and invested ₹1,750 crore in high-risk additional tier-1 (AT1) bonds of Yes Bank.

The agency concluded that “investigation revealed a conspiracy between Rana Kapoor, Anil Ambani, Bindu Kapoor, Radha Kapoor, Roshni Kapoor… under sections of the PC Act and IPC.” The CBI has filed chargesheets in the competent court in Mumbai.